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Nature of Operations |
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Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 114,240 | 112,726 | 113,693 | 112,484 | ||||||||
Incremental shares issuable for stock options and awards | 1,956 | — | 1,582 | 811 | ||||||||
Average common shares outstanding for diluted computation | 116,196 | 112,726 | 115,275 | 113,295 |
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Nine Months Ended June 30, | ||||||||
2013 (As Reported) | 2012 Pro Forma | |||||||
Revenues | $ | 5,932.6 | $ | 5,885.2 | ||||
Net income attributable to UGI Corporation | $ | 289.2 | $ | 211.4 | ||||
Earnings per common share attributable to UGI Corporation stockholders: | ||||||||
Basic | $ | 2.54 | $ | 1.88 | ||||
Diluted | $ | 2.51 | $ | 1.87 |
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June 30, 2013 | September 30, 2012 | June 30, 2012 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,834.0 | $ | 2,818.3 | $ | 2,756.0 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 692.6 | $ | 691.9 | $ | 689.3 | ||||||
Trademarks and tradenames (not subject to amortization) | 128.4 | 137.2 | 189.6 | |||||||||
Gross carrying amount | 821.0 | 829.1 | 878.9 | |||||||||
Accumulated amortization | (212.4 | ) | (170.9 | ) | (161.2 | ) | ||||||
Intangible assets, net | $ | 608.6 | $ | 658.2 | $ | 717.7 |
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Segment Information |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 1,372.3 | $ | (61.5 | ) | (c) | $ | 581.7 | $ | 126.7 | $ | 233.0 | $ | 15.7 | $ | 249.2 | $ | 182.5 | $ | 45.0 | |||||||||||||||||
Cost of sales | $ | 827.9 | $ | (60.1 | ) | (c) | $ | 305.7 | $ | 52.4 | $ | 213.9 | $ | 7.7 | $ | 148.7 | $ | 134.8 | $ | 24.8 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 53.1 | $ | (0.2 | ) | $ | 6.6 | $ | 16.1 | $ | 7.4 | $ | 0.8 | $ | 14.5 | $ | 6.5 | $ | 1.4 | ||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest expense | (59.2 | ) | — | (41.2 | ) | (9.2 | ) | (0.6 | ) | — | (6.2 | ) | (1.2 | ) | (0.8 | ) | |||||||||||||||||||||
(Loss) income before income taxes | $ | (6.1 | ) | $ | (0.2 | ) | $ | (34.6 | ) | $ | 6.9 | $ | 6.8 | $ | 0.8 | $ | 8.3 | $ | 5.3 | $ | 0.6 | ||||||||||||||||
Partnership EBITDA (a) | $ | 59.1 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | (29.8 | ) | $ | — | $ | (29.6 | ) | $ | — | $ | — | $ | — | $ | (0.3 | ) | $ | 0.1 | $ | — | ||||||||||||||||
Depreciation and amortization | $ | 91.9 | $ | (0.1 | ) | $ | 52.5 | $ | 13.1 | $ | 2.1 | $ | 2.6 | $ | 14.0 | $ | 6.1 | $ | 1.6 | ||||||||||||||||||
Capital expenditures | $ | 107.6 | $ | (0.1 | ) | $ | 26.3 | $ | 37.3 | $ | 22.0 | $ | 4.4 | $ | 11.7 | $ | 4.0 | $ | 2.0 | ||||||||||||||||||
Total assets (at period end) | $ | 9,828.8 | $ | (95.9 | ) | $ | 4,388.1 | $ | 2,164.4 | $ | 437.0 | $ | 267.2 | $ | 1,771.7 | $ | 543.1 | $ | 353.2 | ||||||||||||||||||
Bank loans (at period end) | $ | 135.9 | $ | — | $ | 80.0 | $ | — | $ | 45.5 | $ | — | $ | — | $ | 10.4 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,834.0 | $ | — | $ | 1,929.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 619.2 | $ | 93.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 1,277.2 | $ | (33.4 | ) | (c) | $ | 571.9 | $ | 122.3 | $ | 157.0 | $ | 10.9 | $ | 211.8 | $ | 193.4 | $ | 43.3 | |||||||||||||||||
Cost of sales | $ | 810.2 | $ | (32.1 | ) | (c) | $ | 334.0 | $ | 51.4 | $ | 140.0 | $ | 6.4 | $ | 133.6 | $ | 153.0 | $ | 23.9 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating (loss) income | $ | (19.2 | ) | $ | — | $ | (48.4 | ) | $ | 22.5 | $ | 6.8 | $ | (1.9 | ) | $ | (1.2 | ) | $ | 2.4 | $ | 0.6 | |||||||||||||||
Income from equity investees | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||||||||
Gain on extinguishments of debt | 0.1 | — | 0.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest expense | (61.3 | ) | — | (41.8 | ) | (9.9 | ) | (1.2 | ) | — | (6.3 | ) | (1.2 | ) | (0.9 | ) | |||||||||||||||||||||
(Loss) income before income taxes | $ | (80.5 | ) | $ | — | $ | (90.1 | ) | $ | 12.6 | $ | 5.6 | $ | (1.9 | ) | $ | (7.6 | ) | $ | 1.2 | $ | (0.3 | ) | ||||||||||||||
Partnership EBITDA (a) | $ | 1.8 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net loss | $ | (70.2 | ) | $ | — | $ | (70.0 | ) | $ | — | $ | — | $ | — | $ | (0.2 | ) | $ | — | $ | — | ||||||||||||||||
Depreciation and amortization | $ | 84.6 | $ | — | $ | 49.5 | $ | 12.3 | $ | 0.9 | $ | 2.3 | $ | 13.5 | $ | 4.7 | $ | 1.4 | |||||||||||||||||||
Capital expenditures | $ | 83.7 | $ | — | $ | 25.2 | $ | 29.0 | $ | 7.3 | $ | 6.3 | $ | 12.0 | $ | 2.8 | $ | 1.1 | |||||||||||||||||||
Total assets (at period end) | $ | 9,652.2 | $ | (87.4 | ) | $ | 4,579.5 | $ | 2,027.0 | $ | 355.0 | $ | 261.3 | $ | 1,664.7 | $ | 513.2 | $ | 338.9 | ||||||||||||||||||
Bank loans (at period end) | $ | 187.3 | $ | — | $ | 68.8 | $ | — | $ | 95.0 | $ | — | $ | — | $ | 23.5 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,756.0 | $ | — | $ | 1,866.7 | $ | 182.1 | $ | 2.8 | $ | — | $ | 605.0 | $ | 92.4 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Three Months Ended June 30, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 59.1 | 1.8 | |||||
Depreciation and amortization | (52.5 | ) | (49.5 | ) | ||||
Gain on extinguishments of debt | — | (0.1 | ) | |||||
Noncontrolling interests (i) | — | (0.6 | ) | |||||
Operating income (loss) | $ | 6.6 | $ | (48.4 | ) |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 5,932.6 | $ | (181.1 | ) | (c) | $ | 2,634.6 | $ | 743.6 | $ | 764.8 | $ | 47.7 | $ | 1,121.1 | $ | 659.0 | $ | 142.9 | |||||||||||||||||
Cost of sales | $ | 3,547.3 | $ | (176.2 | ) | (c) | $ | 1,370.2 | $ | 372.7 | $ | 648.8 | $ | 27.9 | $ | 714.4 | $ | 507.1 | $ | 82.4 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 835.4 | $ | (1.1 | ) | $ | 403.9 | $ | 191.6 | $ | 78.2 | $ | 1.5 | $ | 129.8 | $ | 30.6 | $ | 0.9 | ||||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (179.6 | ) | — | (124.2 | ) | (28.1 | ) | (2.4 | ) | — | (19.0 | ) | (3.8 | ) | (2.1 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 655.9 | $ | (1.1 | ) | $ | 279.7 | $ | 163.5 | $ | 75.8 | $ | 1.5 | $ | 110.9 | $ | 26.8 | $ | (1.2 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 550.5 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 192.6 | $ | — | $ | 192.4 | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.1 | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 266.3 | $ | (0.1 | ) | $ | 150.5 | $ | 38.4 | $ | 5.6 | $ | 7.5 | $ | 42.3 | $ | 17.4 | $ | 4.7 | ||||||||||||||||||
Capital expenditures | $ | 292.5 | $ | (1.1 | ) | $ | 80.7 | $ | 90.2 | $ | 54.8 | $ | 15.4 | $ | 37.1 | $ | 10.3 | $ | 5.1 | ||||||||||||||||||
Total assets (at period end) | $ | 9,828.8 | $ | (95.9 | ) | $ | 4,388.1 | $ | 2,164.4 | $ | 437.0 | $ | 267.2 | $ | 1,771.7 | $ | 543.1 | $ | 353.2 | ||||||||||||||||||
Bank loans (at period end) | $ | 135.9 | $ | — | $ | 80.0 | $ | — | $ | 45.5 | $ | — | $ | — | $ | 10.4 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,834.0 | $ | — | $ | 1,929.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 619.2 | $ | 93.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 5,393.5 | $ | (134.2 | ) | (c) | $ | 2,411.3 | $ | 696.8 | $ | 652.5 | $ | 27.1 | $ | 958.7 | $ | 646.5 | $ | 134.8 | |||||||||||||||||
Cost of sales | $ | 3,438.6 | $ | (130.7 | ) | (c) | $ | 1,447.8 | $ | 370.6 | $ | 553.1 | $ | 17.6 | $ | 597.9 | $ | 506.3 | $ | 76.0 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 549.9 | $ | — | $ | 206.7 | $ | 168.7 | $ | 67.3 | $ | (7.9 | ) | $ | 96.3 | $ | 16.8 | $ | 2.0 | ||||||||||||||||||
Loss from equity investees | (0.2 | ) | — | — | — | — | — | (0.2 | ) | — | — | ||||||||||||||||||||||||||
Loss on extinguishments of debt | (13.3 | ) | — | (13.3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense | (162.6 | ) | — | (103.4 | ) | (30.1 | ) | (3.6 | ) | — | (19.7 | ) | (3.4 | ) | (2.4 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 373.8 | $ | — | $ | 90.0 | $ | 138.6 | $ | 63.7 | $ | (7.9 | ) | $ | 76.4 | $ | 13.4 | $ | (0.4 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 310.0 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 46.5 | $ | — | $ | 46.2 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 227.7 | $ | — | $ | 118.5 | $ | 36.6 | $ | 2.4 | $ | 6.6 | $ | 42.6 | $ | 16.6 | $ | 4.4 | |||||||||||||||||||
Capital expenditures | $ | 237.7 | $ | — | $ | 70.3 | $ | 76.5 | $ | 30.2 | $ | 17.4 | $ | 28.0 | $ | 11.5 | $ | 3.8 | |||||||||||||||||||
Total assets (at period end) | $ | 9,652.2 | $ | (87.4 | ) | $ | 4,579.5 | $ | 2,027.0 | $ | 355.0 | $ | 261.3 | $ | 1,664.7 | $ | 513.2 | $ | 338.9 | ||||||||||||||||||
Bank loans (at period end) | $ | 187.3 | $ | — | $ | 68.8 | $ | — | $ | 95.0 | $ | — | $ | — | $ | 23.5 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,756.0 | $ | — | $ | 1,866.7 | $ | 182.1 | $ | 2.8 | $ | — | $ | 605.0 | $ | 92.4 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Nine Months Ended June 30, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 550.5 | $ | 310.0 | ||||
Depreciation and amortization | (150.5 | ) | (118.5 | ) | ||||
Loss on extinguishments of debt | — | 13.3 | ||||||
Noncontrolling interests (i) | 3.9 | 1.9 | ||||||
Operating income | $ | 403.9 | $ | 206.7 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
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Utility Regulatory Assets and Liabilities and Regulatory Matters |
June 30, 2013 | September 30, 2012 | June 30, 2012 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 104.7 | $ | 103.2 | $ | 99.9 | ||||||
Underfunded pension and postretirement plans | 177.8 | 188.2 | 144.6 | |||||||||
Environmental costs | 16.6 | 16.8 | 16.6 | |||||||||
Deferred fuel and power costs | 4.1 | 11.6 | 9.8 | |||||||||
Removal costs, net | 12.1 | 12.7 | 11.8 | |||||||||
Other | 5.6 | 5.9 | 8.3 | |||||||||
Total regulatory assets | $ | 320.9 | $ | 338.4 | $ | 291.0 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 14.2 | $ | 13.1 | $ | 12.3 | ||||||
Environmental overcollections | 2.9 | 2.9 | 3.7 | |||||||||
Deferred fuel and power refunds | 14.2 | 4.4 | 10.3 | |||||||||
State tax benefits—distribution system repairs | 8.0 | 7.4 | 7.0 | |||||||||
Other | 0.7 | 0.5 | 0.7 | |||||||||
Total regulatory liabilities | $ | 40.0 | $ | 28.3 | $ | 34.0 |
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Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2.8 | $ | 2.1 | $ | 0.2 | $ | 0.1 | ||||||||
Interest cost | 5.9 | 6.1 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (6.9 | ) | (6.4 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 3.7 | 2.1 | 0.1 | 0.1 | ||||||||||||
Net benefit cost | 5.6 | 4.0 | 0.3 | 0.2 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.8 | 0.8 | ||||||||||||
Net expense | $ | 5.6 | $ | 4.0 | $ | 1.1 | $ | 1.0 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 8.5 | $ | 6.4 | $ | 0.5 | $ | 0.3 | ||||||||
Interest cost | 17.6 | 18.3 | 0.7 | 0.8 | ||||||||||||
Expected return on assets | (20.7 | ) | (19.2 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (0.2 | ) | (0.3 | ) | ||||||||||
Actuarial loss | 11.2 | 6.3 | 0.3 | 0.3 | ||||||||||||
Net benefit cost | 16.8 | 12.0 | 0.9 | 0.7 | ||||||||||||
Change in associated regulatory liabilities | — | — | 2.4 | 2.3 | ||||||||||||
Net expense | $ | 16.8 | $ | 12.0 | $ | 3.3 | $ | 3.0 |
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Debt |
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Asset (Liability) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||
June 30, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 2.2 | $ | 7.4 | $ | — | $ | 9.6 | ||||||||
Foreign currency contracts | $ | — | $ | 1.0 | $ | — | $ | 1.0 | ||||||||
Interest rate contracts | $ | — | $ | 8.1 | $ | — | $ | 8.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (8.0 | ) | $ | (24.1 | ) | $ | — | $ | (32.1 | ) | |||||
Foreign currency contracts | $ | — | $ | (1.7 | ) | $ | — | $ | (1.7 | ) | ||||||
Interest rate contracts | $ | — | $ | (46.9 | ) | $ | — | $ | (46.9 | ) | ||||||
September 30, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 8.6 | $ | 4.5 | $ | — | $ | 13.1 | ||||||||
Foreign currency contracts | $ | — | $ | 1.8 | $ | — | $ | 1.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (7.8 | ) | $ | (53.2 | ) | $ | — | $ | (61.0 | ) | |||||
Interest rate contracts | $ | — | $ | (71.9 | ) | $ | — | $ | (71.9 | ) | ||||||
June 30, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 5.1 | $ | 12.3 | $ | — | $ | 17.4 | ||||||||
Foreign currency contracts | $ | — | $ | 7.1 | $ | — | $ | 7.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (18.0 | ) | $ | (102.0 | ) | $ | — | $ | (120.0 | ) | |||||
Interest rate contracts | $ | — | $ | (67.0 | ) | $ | — | $ | (67.0 | ) |
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Volumes | ||||
June 30, | ||||
Commodity | 2013 | 2012 | ||
LPG (millions of gallons) | 236.7 | 231.9 | ||
Natural gas (millions of dekatherms) | 19.4 | 21.2 | ||
Electricity forward purchase contracts (millions of kilowatt-hours) | 927.2 | 1688.4 | ||
Electricity forward sales contracts (millions of kilowatt-hours) | 451.0 | 131.8 |
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value June 30, | Balance Sheet | Fair Value June 30, | |||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 7.5 | $ | 4.2 | Derivative financial instruments and Other noncurrent liabilities | $ | (24.4 | ) | $ | (95.5 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments and Other assets | 1.0 | 7.1 | Other noncurrent liabilities | (0.4 | ) | — | |||||||||||||
Interest rate contracts | Derivative financial instruments | 8.1 | — | Derivative financial instruments and Other noncurrent liabilities | (46.9 | ) | (67.0 | ) | ||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 16.6 | $ | 11.3 | $ | (71.7 | ) | $ | (162.5 | ) | ||||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 0.1 | $ | 0.6 | Derivative financial instruments and Other noncurrent liabilities | $ | (7.6 | ) | $ | (13.4 | ) | ||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 2.0 | $ | 12.6 | Derivative financial instruments | $ | (0.1 | ) | $ | (11.1 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments | — | — | Derivative financial instruments | (1.3 | ) | — | |||||||||||||
Total Derivatives | $ | 18.7 | $ | 24.5 | $ | (80.7 | ) | $ | (187.0 | ) |
Three Months Ended June 30, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | (22.8 | ) | $ | (59.3 | ) | $ | (6.9 | ) | $ | (31.0 | ) | Cost of sales | |||||
Foreign currency contracts | (0.3 | ) | 3.1 | — | — | Cost of sales | ||||||||||||
Interest rate contracts | 14.0 | (16.6 | ) | (3.6 | ) | (3.3 | ) | Interest expense / other income, net | ||||||||||
Total | $ | (9.1 | ) | $ | (72.8 | ) | $ | (10.5 | ) | $ | (34.3 | ) | ||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | 0.9 | ||||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | 2.0 | $ | (15.9 | ) | Cost of sales | ||||||||||||
Commodity contracts | (0.1 | ) | (0.1 | ) | Operating expenses / other income, net | |||||||||||||
Foreign currency contracts | (0.9 | ) | — | Other income, net | ||||||||||||||
Total | $ | 1.0 | $ | (16.0 | ) |
Nine Months Ended June 30, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | (28.1 | ) | $ | (166.2 | ) | $ | (64.1 | ) | $ | (94.4 | ) | Cost of sales | |||||
Foreign currency contracts | (1.4 | ) | 2.8 | (0.1 | ) | 2.0 | Cost of sales | |||||||||||
Interest rate contracts | 23.0 | (29.0 | ) | (10.6 | ) | (8.4 | ) | Interest expense / other income, net | ||||||||||
Total | $ | (6.5 | ) | $ | (192.4 | ) | $ | (74.8 | ) | $ | (100.8 | ) | ||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | 0.9 | ||||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | 2.4 | $ | (12.6 | ) | Cost of sales | ||||||||||||
Commodity contracts | — | 0.1 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | (1.1 | ) | 0.5 | Other income, net | ||||||||||||||
Total | $ | 1.3 | $ | (12.0 | ) |
|
June 30, 2013 | September 30, 2012 | June 30, 2012 | ||||||||||
Non-utility LPG and natural gas | $ | 194.6 | $ | 240.7 | $ | 220.1 | ||||||
Gas Utility natural gas | 43.1 | 57.7 | 27.8 | |||||||||
Materials, supplies and other | 66.3 | 58.5 | 69.4 | |||||||||
Total inventories | $ | 304.0 | $ | 356.9 | $ | 317.3 |
|
|
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 114,240 | 112,726 | 113,693 | 112,484 | ||||||||
Incremental shares issuable for stock options and awards | 1,956 | — | 1,582 | 811 | ||||||||
Average common shares outstanding for diluted computation | 116,196 | 112,726 | 115,275 | 113,295 |
|
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 114,240 | 112,726 | 113,693 | 112,484 | ||||||||
Incremental shares issuable for stock options and awards | 1,956 | — | 1,582 | 811 | ||||||||
Average common shares outstanding for diluted computation | 116,196 | 112,726 | 115,275 | 113,295 |
|
Nine Months Ended June 30, | ||||||||
2013 (As Reported) | 2012 Pro Forma | |||||||
Revenues | $ | 5,932.6 | $ | 5,885.2 | ||||
Net income attributable to UGI Corporation | $ | 289.2 | $ | 211.4 | ||||
Earnings per common share attributable to UGI Corporation stockholders: | ||||||||
Basic | $ | 2.54 | $ | 1.88 | ||||
Diluted | $ | 2.51 | $ | 1.87 |
|
June 30, 2013 | September 30, 2012 | June 30, 2012 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,834.0 | $ | 2,818.3 | $ | 2,756.0 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 692.6 | $ | 691.9 | $ | 689.3 | ||||||
Trademarks and tradenames (not subject to amortization) | 128.4 | 137.2 | 189.6 | |||||||||
Gross carrying amount | 821.0 | 829.1 | 878.9 | |||||||||
Accumulated amortization | (212.4 | ) | (170.9 | ) | (161.2 | ) | ||||||
Intangible assets, net | $ | 608.6 | $ | 658.2 | $ | 717.7 |
|
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 1,372.3 | $ | (61.5 | ) | (c) | $ | 581.7 | $ | 126.7 | $ | 233.0 | $ | 15.7 | $ | 249.2 | $ | 182.5 | $ | 45.0 | |||||||||||||||||
Cost of sales | $ | 827.9 | $ | (60.1 | ) | (c) | $ | 305.7 | $ | 52.4 | $ | 213.9 | $ | 7.7 | $ | 148.7 | $ | 134.8 | $ | 24.8 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 53.1 | $ | (0.2 | ) | $ | 6.6 | $ | 16.1 | $ | 7.4 | $ | 0.8 | $ | 14.5 | $ | 6.5 | $ | 1.4 | ||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest expense | (59.2 | ) | — | (41.2 | ) | (9.2 | ) | (0.6 | ) | — | (6.2 | ) | (1.2 | ) | (0.8 | ) | |||||||||||||||||||||
(Loss) income before income taxes | $ | (6.1 | ) | $ | (0.2 | ) | $ | (34.6 | ) | $ | 6.9 | $ | 6.8 | $ | 0.8 | $ | 8.3 | $ | 5.3 | $ | 0.6 | ||||||||||||||||
Partnership EBITDA (a) | $ | 59.1 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | (29.8 | ) | $ | — | $ | (29.6 | ) | $ | — | $ | — | $ | — | $ | (0.3 | ) | $ | 0.1 | $ | — | ||||||||||||||||
Depreciation and amortization | $ | 91.9 | $ | (0.1 | ) | $ | 52.5 | $ | 13.1 | $ | 2.1 | $ | 2.6 | $ | 14.0 | $ | 6.1 | $ | 1.6 | ||||||||||||||||||
Capital expenditures | $ | 107.6 | $ | (0.1 | ) | $ | 26.3 | $ | 37.3 | $ | 22.0 | $ | 4.4 | $ | 11.7 | $ | 4.0 | $ | 2.0 | ||||||||||||||||||
Total assets (at period end) | $ | 9,828.8 | $ | (95.9 | ) | $ | 4,388.1 | $ | 2,164.4 | $ | 437.0 | $ | 267.2 | $ | 1,771.7 | $ | 543.1 | $ | 353.2 | ||||||||||||||||||
Bank loans (at period end) | $ | 135.9 | $ | — | $ | 80.0 | $ | — | $ | 45.5 | $ | — | $ | — | $ | 10.4 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,834.0 | $ | — | $ | 1,929.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 619.2 | $ | 93.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 1,277.2 | $ | (33.4 | ) | (c) | $ | 571.9 | $ | 122.3 | $ | 157.0 | $ | 10.9 | $ | 211.8 | $ | 193.4 | $ | 43.3 | |||||||||||||||||
Cost of sales | $ | 810.2 | $ | (32.1 | ) | (c) | $ | 334.0 | $ | 51.4 | $ | 140.0 | $ | 6.4 | $ | 133.6 | $ | 153.0 | $ | 23.9 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating (loss) income | $ | (19.2 | ) | $ | — | $ | (48.4 | ) | $ | 22.5 | $ | 6.8 | $ | (1.9 | ) | $ | (1.2 | ) | $ | 2.4 | $ | 0.6 | |||||||||||||||
Income from equity investees | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||||||||
Gain on extinguishments of debt | 0.1 | — | 0.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest expense | (61.3 | ) | — | (41.8 | ) | (9.9 | ) | (1.2 | ) | — | (6.3 | ) | (1.2 | ) | (0.9 | ) | |||||||||||||||||||||
(Loss) income before income taxes | $ | (80.5 | ) | $ | — | $ | (90.1 | ) | $ | 12.6 | $ | 5.6 | $ | (1.9 | ) | $ | (7.6 | ) | $ | 1.2 | $ | (0.3 | ) | ||||||||||||||
Partnership EBITDA (a) | $ | 1.8 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net loss | $ | (70.2 | ) | $ | — | $ | (70.0 | ) | $ | — | $ | — | $ | — | $ | (0.2 | ) | $ | — | $ | — | ||||||||||||||||
Depreciation and amortization | $ | 84.6 | $ | — | $ | 49.5 | $ | 12.3 | $ | 0.9 | $ | 2.3 | $ | 13.5 | $ | 4.7 | $ | 1.4 | |||||||||||||||||||
Capital expenditures | $ | 83.7 | $ | — | $ | 25.2 | $ | 29.0 | $ | 7.3 | $ | 6.3 | $ | 12.0 | $ | 2.8 | $ | 1.1 | |||||||||||||||||||
Total assets (at period end) | $ | 9,652.2 | $ | (87.4 | ) | $ | 4,579.5 | $ | 2,027.0 | $ | 355.0 | $ | 261.3 | $ | 1,664.7 | $ | 513.2 | $ | 338.9 | ||||||||||||||||||
Bank loans (at period end) | $ | 187.3 | $ | — | $ | 68.8 | $ | — | $ | 95.0 | $ | — | $ | — | $ | 23.5 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,756.0 | $ | — | $ | 1,866.7 | $ | 182.1 | $ | 2.8 | $ | — | $ | 605.0 | $ | 92.4 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Three Months Ended June 30, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 59.1 | 1.8 | |||||
Depreciation and amortization | (52.5 | ) | (49.5 | ) | ||||
Gain on extinguishments of debt | — | (0.1 | ) | |||||
Noncontrolling interests (i) | — | (0.6 | ) | |||||
Operating income (loss) | $ | 6.6 | $ | (48.4 | ) |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 5,932.6 | $ | (181.1 | ) | (c) | $ | 2,634.6 | $ | 743.6 | $ | 764.8 | $ | 47.7 | $ | 1,121.1 | $ | 659.0 | $ | 142.9 | |||||||||||||||||
Cost of sales | $ | 3,547.3 | $ | (176.2 | ) | (c) | $ | 1,370.2 | $ | 372.7 | $ | 648.8 | $ | 27.9 | $ | 714.4 | $ | 507.1 | $ | 82.4 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 835.4 | $ | (1.1 | ) | $ | 403.9 | $ | 191.6 | $ | 78.2 | $ | 1.5 | $ | 129.8 | $ | 30.6 | $ | 0.9 | ||||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (179.6 | ) | — | (124.2 | ) | (28.1 | ) | (2.4 | ) | — | (19.0 | ) | (3.8 | ) | (2.1 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 655.9 | $ | (1.1 | ) | $ | 279.7 | $ | 163.5 | $ | 75.8 | $ | 1.5 | $ | 110.9 | $ | 26.8 | $ | (1.2 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 550.5 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 192.6 | $ | — | $ | 192.4 | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.1 | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 266.3 | $ | (0.1 | ) | $ | 150.5 | $ | 38.4 | $ | 5.6 | $ | 7.5 | $ | 42.3 | $ | 17.4 | $ | 4.7 | ||||||||||||||||||
Capital expenditures | $ | 292.5 | $ | (1.1 | ) | $ | 80.7 | $ | 90.2 | $ | 54.8 | $ | 15.4 | $ | 37.1 | $ | 10.3 | $ | 5.1 | ||||||||||||||||||
Total assets (at period end) | $ | 9,828.8 | $ | (95.9 | ) | $ | 4,388.1 | $ | 2,164.4 | $ | 437.0 | $ | 267.2 | $ | 1,771.7 | $ | 543.1 | $ | 353.2 | ||||||||||||||||||
Bank loans (at period end) | $ | 135.9 | $ | — | $ | 80.0 | $ | — | $ | 45.5 | $ | — | $ | — | $ | 10.4 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,834.0 | $ | — | $ | 1,929.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 619.2 | $ | 93.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 5,393.5 | $ | (134.2 | ) | (c) | $ | 2,411.3 | $ | 696.8 | $ | 652.5 | $ | 27.1 | $ | 958.7 | $ | 646.5 | $ | 134.8 | |||||||||||||||||
Cost of sales | $ | 3,438.6 | $ | (130.7 | ) | (c) | $ | 1,447.8 | $ | 370.6 | $ | 553.1 | $ | 17.6 | $ | 597.9 | $ | 506.3 | $ | 76.0 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 549.9 | $ | — | $ | 206.7 | $ | 168.7 | $ | 67.3 | $ | (7.9 | ) | $ | 96.3 | $ | 16.8 | $ | 2.0 | ||||||||||||||||||
Loss from equity investees | (0.2 | ) | — | — | — | — | — | (0.2 | ) | — | — | ||||||||||||||||||||||||||
Loss on extinguishments of debt | (13.3 | ) | — | (13.3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense | (162.6 | ) | — | (103.4 | ) | (30.1 | ) | (3.6 | ) | — | (19.7 | ) | (3.4 | ) | (2.4 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 373.8 | $ | — | $ | 90.0 | $ | 138.6 | $ | 63.7 | $ | (7.9 | ) | $ | 76.4 | $ | 13.4 | $ | (0.4 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 310.0 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 46.5 | $ | — | $ | 46.2 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 227.7 | $ | — | $ | 118.5 | $ | 36.6 | $ | 2.4 | $ | 6.6 | $ | 42.6 | $ | 16.6 | $ | 4.4 | |||||||||||||||||||
Capital expenditures | $ | 237.7 | $ | — | $ | 70.3 | $ | 76.5 | $ | 30.2 | $ | 17.4 | $ | 28.0 | $ | 11.5 | $ | 3.8 | |||||||||||||||||||
Total assets (at period end) | $ | 9,652.2 | $ | (87.4 | ) | $ | 4,579.5 | $ | 2,027.0 | $ | 355.0 | $ | 261.3 | $ | 1,664.7 | $ | 513.2 | $ | 338.9 | ||||||||||||||||||
Bank loans (at period end) | $ | 187.3 | $ | — | $ | 68.8 | $ | — | $ | 95.0 | $ | — | $ | — | $ | 23.5 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,756.0 | $ | — | $ | 1,866.7 | $ | 182.1 | $ | 2.8 | $ | — | $ | 605.0 | $ | 92.4 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Nine Months Ended June 30, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 550.5 | $ | 310.0 | ||||
Depreciation and amortization | (150.5 | ) | (118.5 | ) | ||||
Loss on extinguishments of debt | — | 13.3 | ||||||
Noncontrolling interests (i) | 3.9 | 1.9 | ||||||
Operating income | $ | 403.9 | $ | 206.7 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
|
June 30, 2013 | September 30, 2012 | June 30, 2012 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 104.7 | $ | 103.2 | $ | 99.9 | ||||||
Underfunded pension and postretirement plans | 177.8 | 188.2 | 144.6 | |||||||||
Environmental costs | 16.6 | 16.8 | 16.6 | |||||||||
Deferred fuel and power costs | 4.1 | 11.6 | 9.8 | |||||||||
Removal costs, net | 12.1 | 12.7 | 11.8 | |||||||||
Other | 5.6 | 5.9 | 8.3 | |||||||||
Total regulatory assets | $ | 320.9 | $ | 338.4 | $ | 291.0 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 14.2 | $ | 13.1 | $ | 12.3 | ||||||
Environmental overcollections | 2.9 | 2.9 | 3.7 | |||||||||
Deferred fuel and power refunds | 14.2 | 4.4 | 10.3 | |||||||||
State tax benefits—distribution system repairs | 8.0 | 7.4 | 7.0 | |||||||||
Other | 0.7 | 0.5 | 0.7 | |||||||||
Total regulatory liabilities | $ | 40.0 | $ | 28.3 | $ | 34.0 |
|
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2.8 | $ | 2.1 | $ | 0.2 | $ | 0.1 | ||||||||
Interest cost | 5.9 | 6.1 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (6.9 | ) | (6.4 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 3.7 | 2.1 | 0.1 | 0.1 | ||||||||||||
Net benefit cost | 5.6 | 4.0 | 0.3 | 0.2 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.8 | 0.8 | ||||||||||||
Net expense | $ | 5.6 | $ | 4.0 | $ | 1.1 | $ | 1.0 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 8.5 | $ | 6.4 | $ | 0.5 | $ | 0.3 | ||||||||
Interest cost | 17.6 | 18.3 | 0.7 | 0.8 | ||||||||||||
Expected return on assets | (20.7 | ) | (19.2 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (0.2 | ) | (0.3 | ) | ||||||||||
Actuarial loss | 11.2 | 6.3 | 0.3 | 0.3 | ||||||||||||
Net benefit cost | 16.8 | 12.0 | 0.9 | 0.7 | ||||||||||||
Change in associated regulatory liabilities | — | — | 2.4 | 2.3 | ||||||||||||
Net expense | $ | 16.8 | $ | 12.0 | $ | 3.3 | $ | 3.0 |
|
Asset (Liability) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||
June 30, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 2.2 | $ | 7.4 | $ | — | $ | 9.6 | ||||||||
Foreign currency contracts | $ | — | $ | 1.0 | $ | — | $ | 1.0 | ||||||||
Interest rate contracts | $ | — | $ | 8.1 | $ | — | $ | 8.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (8.0 | ) | $ | (24.1 | ) | $ | — | $ | (32.1 | ) | |||||
Foreign currency contracts | $ | — | $ | (1.7 | ) | $ | — | $ | (1.7 | ) | ||||||
Interest rate contracts | $ | — | $ | (46.9 | ) | $ | — | $ | (46.9 | ) | ||||||
September 30, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 8.6 | $ | 4.5 | $ | — | $ | 13.1 | ||||||||
Foreign currency contracts | $ | — | $ | 1.8 | $ | — | $ | 1.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (7.8 | ) | $ | (53.2 | ) | $ | — | $ | (61.0 | ) | |||||
Interest rate contracts | $ | — | $ | (71.9 | ) | $ | — | $ | (71.9 | ) | ||||||
June 30, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 5.1 | $ | 12.3 | $ | — | $ | 17.4 | ||||||||
Foreign currency contracts | $ | — | $ | 7.1 | $ | — | $ | 7.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (18.0 | ) | $ | (102.0 | ) | $ | — | $ | (120.0 | ) | |||||
Interest rate contracts | $ | — | $ | (67.0 | ) | $ | — | $ | (67.0 | ) |
|
Volumes | ||||
June 30, | ||||
Commodity | 2013 | 2012 | ||
LPG (millions of gallons) | 236.7 | 231.9 | ||
Natural gas (millions of dekatherms) | 19.4 | 21.2 | ||
Electricity forward purchase contracts (millions of kilowatt-hours) | 927.2 | 1688.4 | ||
Electricity forward sales contracts (millions of kilowatt-hours) | 451.0 | 131.8 |
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value June 30, | Balance Sheet | Fair Value June 30, | |||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 7.5 | $ | 4.2 | Derivative financial instruments and Other noncurrent liabilities | $ | (24.4 | ) | $ | (95.5 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments and Other assets | 1.0 | 7.1 | Other noncurrent liabilities | (0.4 | ) | — | |||||||||||||
Interest rate contracts | Derivative financial instruments | 8.1 | — | Derivative financial instruments and Other noncurrent liabilities | (46.9 | ) | (67.0 | ) | ||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 16.6 | $ | 11.3 | $ | (71.7 | ) | $ | (162.5 | ) | ||||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 0.1 | $ | 0.6 | Derivative financial instruments and Other noncurrent liabilities | $ | (7.6 | ) | $ | (13.4 | ) | ||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 2.0 | $ | 12.6 | Derivative financial instruments | $ | (0.1 | ) | $ | (11.1 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments | — | — | Derivative financial instruments | (1.3 | ) | — | |||||||||||||
Total Derivatives | $ | 18.7 | $ | 24.5 | $ | (80.7 | ) | $ | (187.0 | ) |
Three Months Ended June 30, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | (22.8 | ) | $ | (59.3 | ) | $ | (6.9 | ) | $ | (31.0 | ) | Cost of sales | |||||
Foreign currency contracts | (0.3 | ) | 3.1 | — | — | Cost of sales | ||||||||||||
Interest rate contracts | 14.0 | (16.6 | ) | (3.6 | ) | (3.3 | ) | Interest expense / other income, net | ||||||||||
Total | $ | (9.1 | ) | $ | (72.8 | ) | $ | (10.5 | ) | $ | (34.3 | ) | ||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | 0.9 | ||||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | 2.0 | $ | (15.9 | ) | Cost of sales | ||||||||||||
Commodity contracts | (0.1 | ) | (0.1 | ) | Operating expenses / other income, net | |||||||||||||
Foreign currency contracts | (0.9 | ) | — | Other income, net | ||||||||||||||
Total | $ | 1.0 | $ | (16.0 | ) |
Nine Months Ended June 30, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | (28.1 | ) | $ | (166.2 | ) | $ | (64.1 | ) | $ | (94.4 | ) | Cost of sales | |||||
Foreign currency contracts | (1.4 | ) | 2.8 | (0.1 | ) | 2.0 | Cost of sales | |||||||||||
Interest rate contracts | 23.0 | (29.0 | ) | (10.6 | ) | (8.4 | ) | Interest expense / other income, net | ||||||||||
Total | $ | (6.5 | ) | $ | (192.4 | ) | $ | (74.8 | ) | $ | (100.8 | ) | ||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | 0.9 | ||||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | 2.4 | $ | (12.6 | ) | Cost of sales | ||||||||||||
Commodity contracts | — | 0.1 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | (1.1 | ) | 0.5 | Other income, net | ||||||||||||||
Total | $ | 1.3 | $ | (12.0 | ) |
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June 30, 2013 | September 30, 2012 | June 30, 2012 | ||||||||||
Non-utility LPG and natural gas | $ | 194.6 | $ | 240.7 | $ | 220.1 | ||||||
Gas Utility natural gas | 43.1 | 57.7 | 27.8 | |||||||||
Materials, supplies and other | 66.3 | 58.5 | 69.4 | |||||||||
Total inventories | $ | 304.0 | $ | 356.9 | $ | 317.3 |
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